It was 1991 when the first Automotive Aftermarket Factbook was introduced to our members and the industry by our association. It was a meager 13-page print-only publication, compared with this year’s Digital Auto Care Factbook edition weighing in at a hefty 116 pages.
Today, the rebranded Digital Auto Care Factbook is the flagship resource publication for our association. The publication is central to our market intelligence process of systematic gathering, recording and analyzing data about the auto care industry. Market intelligence is consistently rated as one of the top benefits by members. Why?
Market intelligence helps members and others make strategic decisions about new product introductions, budgeting, competitive pricing, allocation of promotional resources, geographic distribution of product and more. It creates benchmarks to help companies measure progress, reduce risk, expand market share and enhance their competitive edge.
For any publication to remain valuable and viable for 25 years, it must evolve to meet business needs of its end users. As the technical sophistication of the industry and its vehicles has grown over the last quarter century, the presentation of the most relevant industry trends in our Factbook has followed suit. Vehicles have become more sophisticated in terms of computerization and software orientation, electrification, connectivity, telematics and hybrid power. To match those advancements, the Digital Factbook increasingly provides this information through new, interactive and enhanced online features.
Each year new robust data and analysis features and input from many well-known industry sources including data suppliers and professional expertise have been added to strengthen the factbook. While the additions are far too many to list, some key enhancements along the way should be noted. They include:
· The Channel Forecast Model and DIY – DIFM Segmentation
· State of the Auto Care Industry Report
· E-commerce and e-tailing report by IMR and MARTAC
· U.S. Economic update by Dr. Timothy Nash, Northwood University
· Key Issues and Business Confidence Index
· Valuation metrics, operating results, mergers and acquisitions by BB&T
· PBE and body shop profile
· Age mix, vehicle analysis and extended industry forecast by IHS Automotive
· North American and global registrations by IHS Automotive
· U.S. Trade Data table for selected motor vehicle products
· Chinese Automotive Aftermarket insights by Tehnomic Asia
One of the most popular features of the Factbook is the Channel Forecast Model, first introduced in 2002. The market sizing and forecast is conducted by IHS Automotive, the renowned economic and market information firm. It is based on the U.S. Census Bureau’s Economic Census, IMR and Polk data, and proprietary economic analysis and forecasting models from IHS Automotive. The 2015 Joint Channel Forecast Model is now produced jointly by the Automotive Aftermarket Suppliers Association (AASA) and the Auto Care Association, and reports that the U.S. automotive aftermarket is expected to grow at a compound annual growth rate (CAGR) of 3.6 percent through 2018. It also predicts that the total aftermarket sales will grow from $246.7 billion in 2014 to $284.3 billion in 2018, an increase of nearly $38 billion over the four-year period.
The forecast model demonstrates that despite strong new vehicle sales, moderating gas prices and a slight improvement in miles driven, our industry can expect to see continued steady growth. The average age of vehicles, now up to 11.5 years is the oldest ever, and the age mix of vehicles continues to favor older vehicles, creating a robust sweet spot for service and repair.
Considering the past 25 years of providing relevant content about the auto care industry, our members can expect the Factbook to continue its path toward higher levels of excellence. For more information or to order, visit www.autocare.org/factbook2016.
